Syros Pharmaceuticals ( (SYRS) ) has released its Q3 earnings. Here is a breakdown of the information Syros Pharmaceuticals presented to its investors.
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Syros Pharmaceuticals, Inc., a biopharmaceutical company headquartered in Cambridge, Massachusetts, focuses on developing treatments for hematologic malignancies. In their latest earnings report for Q3 2024, Syros Pharmaceuticals reported a net loss of $6.4 million, a significant improvement from the $40.1 million loss in the same quarter last year. Despite the decrease in operating expenses, the company saw no revenue due to the termination of a collaboration agreement. Key financial metrics included a reduction in cash and cash equivalents from $139.5 million at year-end 2023 to $58.3 million as of September 2024. The company’s restructuring efforts, including a 35% workforce reduction, were implemented to prioritize the development of tamibarotene, a treatment for myelodysplastic syndrome and acute myeloid leukemia. Looking ahead, Syros Pharmaceuticals plans to focus on advancing tamibarotene and exploring additional financing options to support its operations.
